Winding up Defined Contribution Pension Scheme

katsclaws

I am trying to wind up a DC Directors Pension Scheme where no benefits have yet been taken.  2 members in Scheme ( both are Trustees and former Directors in Company) Our Company was dissolved in 2019. Contributions are paid up. Pensions are held with a large insurer and I have been told that our pensions  will need to be reassigned as Personal Pensions. Most of the advice online refers to winding up larger schemes. 

xylophone

https://www.gov.uk/guidance/pension-administrators-wind-up-a-scheme
might help?

Brynsam

Not clear what advice you need or why this forgotten task has been landed on yours shoulders? The insurer has already told you what needs to be done and you are presumably in contact with the 2 trustees, so all you need to do is get on and assign a policy to each of the two. Depending on how the scheme was set up in the first place, you may or may not need specialist legal advice (if the scheme was set up under deed, the deed will confirm if the costs can be charged to the beneficiaries. If not, I'd pass the task on to them to wind up the scheme/assign their own pensions) - but with luck the insurer should be able to give you the necessary forms/information. 

Marcon

Brynsam said:

Not clear what advice you need or why this forgotten task has been landed on yours shoulders? The insurer has already told you what needs to be done and you are presumably in contact with the 2 trustees, so all you need to do is get on and assign a policy to each of the two. 

Which is exactly the situation when OP asked about this 18 months ago: https://forums.moneysavingexpert.com/discussion/6000512/assigning-pension-policies-into-own-name-and-ceasing-to-be-trustees#latest

Why didn't you get on and assign the policies then?

katsclaws

Thank you xylophone. I will have a look.
Brynsam, I am one of the trustees and former Director. My husband is the other. I will contact the insurer again and asked for the policies to be reassigned.
Marcon, I did not get on as I did not realise that this needed to be done until I completed the Pension Scheme Return. 2 years is allowed to do the winding up.

Albermarle

When something similar happened to me ( in this case the Trustees were missing so took ages to sort out ) it was not possible to make further contributions to the then personal  pension. So the choice was just leave it invested or transfer it .

katsclaws

Sorry Abermarle I've just seen your reply.
Our pensions are paid up and the insurer will be sending forms so that they can be transferred.
Thank you for your reply.